OSCE seminar in Turkmenistan addresses risk-based supervision over financial institutions

Best practices in the application of risk-based supervision over all financial institutions (FI) were presented during an OSCE-organized seminar that took place on 25 and 26 March 2025 in Ashgabat.

The two-day seminar facilitated the implementation of specific provisions of the Plan on Technical Assistance to Turkmenistan on addressing recommendations from the second round of Mutual Evaluations by the Eurasian Group on Combating Money Laundering and Financing of Terrorism AML/CFT.

The participants of the event included representatives of the Ministry of Finance and Economy of Turkmenistan (MFET), Financial Monitoring Service at MFET, law-enforcement bodies and financial institutions as well as Turkmenpochta postal service company, Turkmenistan Commodity Exchange, State Insurance Organization of Turkmenistan and Ashgabat Stock Exchange.

An international expert elaborated on the requirements of the Financial Action Task Force’ (FATF) international standards for risk-based approach (RBA) in AML/CFT supervision and shared experiences of mutual evaluations of EAG on achieving efficiency of supervising activities.

“The Organization for Security and Co-operation in Europe is committed to countering money laundering and combating the financing of terrorism, in accordance with its mandate, with the support of all 57 OSCE participating by promoting effective policies, capacity-building initiatives, and the implementation of relevant international standards to strengthen financial transparency and security across the OSCE region,”  said Olivera Zurovac-Kuzman, Economic and Environmental Officer of the OSCE Centre in Ashgabat.

“The OSCE Centre in Ashgabat, for its part, is actively co-operating with Turkmenistan on strengthening the national AML/CFT system, including by improving the legislative framework and implementing capacity building activities within the framework of the Technical Assistance Plan for Turkmenistan to implement the comments of the second round of EAG mutual evaluations,” added Zurovac-Kuzman.

Participants of the seminar discussed the results of the EAG mutual evaluation of Turkmenistan in terms of improving the effectiveness of supervisory activities and examined examples of effective risk-oriented supervisory activities. The seminar included a practical training on indicators of risk-oriented supervision of Turkmenistan's FIs and Designated Non-Financial Businesses and Professions (DNFBPs).

The event will be followed by a seminar on best practices in working with national and foreign public officials which will take place on 27 March 2025.  The seminar will focus on FATF international standards on public officials and challenges that FIs and DNFBPs face when dealing with public officials. The event will bring participants from the same institutions that took part in the seminar on risk-based supervision over financial institutions as well as  representatives of the Bar Association, real estate organizations, audit companies, public and private notaries, and  representatives of the sector of dealers of precious metals and precious stones.

Best practices in the application of risk-based supervision over all financial institutions (FI) were presented during an OSCE-organized seminar that took place on 25 and 26 March 2025 in Ashgabat.

The two-day seminar facilitated the implementation of specific provisions of the Plan on Technical Assistance to Turkmenistan on addressing recommendations from the second round of Mutual Evaluations by the Eurasian Group on Combating Money Laundering and Financing of Terrorism AML/CFT.

The participants of the event included representatives of the Ministry of Finance and Economy of Turkmenistan (MFET), Financial Monitoring Service at MFET, law-enforcement bodies and financial institutions as well as Turkmenpochta postal service company, Turkmenistan Commodity Exchange, State Insurance Organization of Turkmenistan and Ashgabat Stock Exchange.

An international expert elaborated on the requirements of the Financial Action Task Force’ (FATF) international standards for risk-based approach (RBA) in AML/CFT supervision and shared experiences of mutual evaluations of EAG on achieving efficiency of supervising activities.

“The Organization for Security and Co-operation in Europe is committed to countering money laundering and combating the financing of terrorism, in accordance with its mandate, with the support of all 57 OSCE participating by promoting effective policies, capacity-building initiatives, and the implementation of relevant international standards to strengthen financial transparency and security across the OSCE region,”  said Olivera Zurovac-Kuzman, Economic and Environmental Officer of the OSCE Centre in Ashgabat.

“The OSCE Centre in Ashgabat, for its part, is actively co-operating with Turkmenistan on strengthening the national AML/CFT system, including by improving the legislative framework and implementing capacity building activities within the framework of the Technical Assistance Plan for Turkmenistan to implement the comments of the second round of EAG mutual evaluations,” added Zurovac-Kuzman.

Participants of the seminar discussed the results of the EAG mutual evaluation of Turkmenistan in terms of improving the effectiveness of supervisory activities and examined examples of effective risk-oriented supervisory activities. The seminar included a practical training on indicators of risk-oriented supervision of Turkmenistan's FIs and Designated Non-Financial Businesses and Professions (DNFBPs).

The event will be followed by a seminar on best practices in working with national and foreign public officials which will take place on 27 March 2025.  The seminar will focus on FATF international standards on public officials and challenges that FIs and DNFBPs face when dealing with public officials. The event will bring participants from the same institutions that took part in the seminar on risk-based supervision over financial institutions as well as  representatives of the Bar Association, real estate organizations, audit companies, public and private notaries, and  representatives of the sector of dealers of precious metals and precious stones.